Bitcoin extended declines on Tuesday, following the United States military response against Iran. The geopolitical tensions spurred volatility among crypto assets amid the already bearish market sentiment.
Bitcoin Dips Amid US-Iran Conflict
The BTC price fell to $61,766.55 at press time on Tuesday, June 8, pushing intraday losses to 3.02%. Prior to the drop, Bitcoin was holding well above the $62,000 level. Earlier this week, Bitcoin had been hovering around the $60,000 mark owing to the Iran-Israel retaliatory strikes.
The market pressure grew following the U.S. Central Command’s announcement that the American air force had launched “self-defense” strikes against Iran at 5 p.m. ET on June 9.
The overall crypto market also turned bearish. Crypto long liquidations hit $1.39 million in the 1-hour timeframe, per CoinGlass data. Bitcoin accounted for most of these liquidations with over $136 million liquidated in the last 24 hours.
Why US Initiated Strikes Against Iran This Time?
A U.S. Army Apache helicopter had reportedly been shot down near the Strait of Hormuz, which prompted the military response.
US President Donald Trump, in a post on the Truth Social, addressed these concerns. He wrote, “I have just been informed by our Great Military that last night the Iranians shot down one of our highly sophisticated Apache Helicopters while patrolling over the Strait of Hormuz.”
Trump also said, “There were two pilots involved, both are safe and uninjured.” Moreover, he declared: “The United States must, of necessity, respond to this attack.”
However, Iran had claimed it was not deliberately targeting the plane. Deputy foreign minister Kazem Gharibabadi said Tehran had nothing to do with the deliberate crash of the helicopter. He said such incidents could be happen “intentionally” owing to increased tensions in the region.
For those looking for DeFi-backed crypto borrowing, visit our page on Crypto Staking Platforms.
Be the first to comment